Merit Medical Systems (NASDAQ:MMSI) Issues FY24 Earnings Guidance

Merit Medical Systems (NASDAQ:MMSI) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $3.28 to $3.35 for the period, compared to the consensus EPS estimate of $3.32. The company issued revenue guidance of $1.312 billion to $1.325 billion, compared to the consensus revenue estimate of $1.32 billion. Merit Medical Systems also updated its FY 2024 guidance to 3.280-3.350 EPS.

Merit Medical Systems Stock Performance

Shares of NASDAQ MMSI traded down $0.99 during midday trading on Tuesday, reaching $74.10. The company’s stock had a trading volume of 592,592 shares, compared to its average volume of 487,323. Merit Medical Systems has a 12-month low of $62.58 and a 12-month high of $85.62. The firm has a 50 day moving average price of $74.31 and a 200-day moving average price of $73.97. The stock has a market capitalization of $4.30 billion, a P/E ratio of 45.74, a PEG ratio of 2.06 and a beta of 0.89. The company has a debt-to-equity ratio of 0.68, a current ratio of 5.45 and a quick ratio of 3.95.

Merit Medical Systems (NASDAQ:MMSI) last announced its earnings results on Wednesday, February 28th. The medical instruments supplier reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.04. Merit Medical Systems had a return on equity of 14.63% and a net margin of 7.51%. The firm had revenue of $324.52 million for the quarter, compared to the consensus estimate of $320.66 million. During the same quarter in the previous year, the business earned $0.79 EPS. The company’s revenue was up 10.6% compared to the same quarter last year. As a group, equities analysts predict that Merit Medical Systems will post 3.31 earnings per share for the current year.

Analyst Upgrades and Downgrades

MMSI has been the topic of a number of research reports. Oppenheimer lifted their price target on shares of Merit Medical Systems from $82.00 to $87.00 and gave the stock an outperform rating in a report on Thursday, February 29th. Needham & Company LLC reissued a buy rating and set a $88.00 target price on shares of Merit Medical Systems in a report on Thursday, April 11th. StockNews.com cut shares of Merit Medical Systems from a buy rating to a hold rating in a report on Wednesday, April 24th. Piper Sandler boosted their target price on shares of Merit Medical Systems from $88.00 to $95.00 and gave the company an overweight rating in a report on Friday, January 12th. Finally, CL King initiated coverage on shares of Merit Medical Systems in a report on Thursday, April 11th. They set a buy rating and a $88.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $93.78.

Insider Transactions at Merit Medical Systems

In other news, CFO Raul Jr. Parra sold 6,480 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $73.95, for a total value of $479,196.00. Following the transaction, the chief financial officer now owns 12,007 shares of the company’s stock, valued at $887,917.65. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Thomas James Gunderson sold 18,157 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $76.03, for a total value of $1,380,476.71. Following the completion of the transaction, the director now directly owns 19,257 shares in the company, valued at $1,464,109.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Raul Jr. Parra sold 6,480 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $73.95, for a total transaction of $479,196.00. Following the sale, the chief financial officer now owns 12,007 shares of the company’s stock, valued at $887,917.65. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 49,637 shares of company stock valued at $3,751,673. 3.70% of the stock is currently owned by company insiders.

About Merit Medical Systems

Merit Medical Systems, Inc designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures in the United States and internationally. It operates in two segments, Cardiovascular and Endoscopy. The company provides micropuncture kits, angiographic needles, sheaths, guide wires, and safety products; peripheral intervention, including angiography, drainage, delivery systems, and embolotherapy products; spine products, such as vertebral augmentation, radiofrequency ablation, and bone biopsy systems; oncology products; and cardiac intervention products, such as access, angiography, electrophysiology and cardiac rhythm management, fluid management, hemodynamic monitoring, hemostasis, and intervention to treat various heart conditions.